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In addition to the Standstill Agreement and as is customary with most restructurings, the Company has initiated a claims process through which the Company is soliciting its Banks and Investors to notify the size and nature of their claim against the Company.
Discussions relating to the consensual restructuring plan are underway and the Company and the Coordinating Committee are working expeditiously to achieve the best possible outcome for all of TID's relevant stakeholders.
The Investment Dar Chairman and Chief Executive Officer, Adnan Al Musallam commented:
"The Standstill Agreement represents good progress in the Company's restructuring process. TID's Board of Directors and the Management remain wholly committed to the Standstill Agreement and to working constructively with the Coordinating Committee towards a consensual restructuring plan. This Standstill Agreement is an important step that will assist us in formulating the consensual restructuring plan expeditiously. We thank the Coordinating Committee and their advisers for their commitment to our mutual objectives."
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Posted by Rima Ali Al Mashni
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